Atom Bank, which received a restricted licence to operate from the Bank of England (BoE) last June, has won the go-ahead from regulators to launch its mobile app to iPhone and iPad users in the latest stage of its bid to become the UK’s first digital-only lender.
The challenger bank, in which Spain’s Banco Bilbao Vizcaya Argentaria (BBVA) has a 29.5% stake, has raised over £135m since it was formed in April 2014, through the support of a group of over 100 private and institutional investors. It is led by chief executive officer (CEO) Mark Mullen and chairman Anthony Thomson.
Atom now plans to provide fixed savings, current accounts, debit and credit cards by the end of the year. The branch-free bank has a Durham-based customer support team and will offer overdrafts and instant access savings and residential mortgages serviced via its mobile app, which will also be available to Android users.
The bank also aims to attract customers from small and medium-sized enterprises (SMEs) by offering secured lending through a number of specialist business intermediaries. “We believe we have built a bank in record time, and we’re not planning to stop here,” said Thomson.
Atom’s app uses face and voice biometrics to log-in to the app and paper-free account opening.
Using data for predictive analytics is the future of banking success, argued Jean-Laurent Bonnafé, CEO of BNP Paribas, in his session on how the bank is reinventing its approach to innovate with and for corporates.
The annual BNP Paribas Cash Management University kicked off on Thursday morning with treasury professionals congregating in Paris from across Europe.
The top five sectors Asian fintech investors are interested in are data analytics, blockchain, lending, payments and regtech, according to Gary Hwa, EY regional managing partner.
On the third day of the Singapore Fintech Festival conference, there was a focus on specific applications of fintech innovation. One was trade finance, which is clearly is ripe for a revolution.